Industrial, Manufacturing & Heavy Industry Market News

Explosion proof equipment market revenue will reach $10 billion by 2024 according to new research report

The increasing need to improve the safety in industrial areas has accelerated the adoption of explosion proof equipment. A sudden rise in the number of explosions occurred in the extreme environment of manufacturing industries due to the presence of chemicals, toxic paints, and other combustible dust has prompted them to increasingly focus on explosion prevention.”

As per the report "Explosion Equipment Market Make an Inquiry about this news by Industry Vertical (Pharmaceutical, Manufacturing, Marine, Mining,Food Processing, Signaling Devices, Others ), by Applicable System Type (Cable Glands,Junction Boxes & Enclosures, Lifting & Material Handling, Automation System, others),by Equipment Type (Explosion proof, Explosion Prevention, Explosion Segregation) Industry trends, Estimation & Forecast, 2016 – 2024", the global explosion proof market was valued at $5 billion in 2016, and is projected to reach $10 billion by 2024, growing at a CAGR of 9.2% from 2017 to 2024. In 2016, oil & gas industry segment generated the highest revenue share in the terms of global explosion proof equipment market.

Among major regions, North American explosion proof equipment market was the highest revenue generating market valued at $1.6 billion in 2016.

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Oil & Gas industry generated the highest revenue of $902 million in 2016 and held nearly 18% share of the total explosion proof equipment market

Oil & gas industry generated the highest revenue in 2016 as a result of wide adoption of explosion-protected products in this sector acting as a preventive measure against explosive areas.